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#121
Is anyone here financing the car even though they have the cash to buy it outright pretty easily? I'm trying to decide if that is a better strategy to buying it outright. Cashflow is not a problem and I will be tax deducting the car partially for work. Paying several thousand dollars interest on a finance plan didn't seem to make sense....BUT there is one reason that I am considering it....Tesla's financial viability. If the unthinkable happens and Tesla folds I could just hand the car back to the lease company in 4 years and wash my hands whereas if I own it outright then it'll be worth nothing...

What do you guys think? I realise the thread is full of people financing but I'm hoping some objectivity in the recommendations.
 
#123
djayz said:
Is anyone here financing the car even though they have the cash to buy it outright pretty easily? I'm trying to decide if that is a better strategy to buying it outright. Cashflow is not a problem and I will be tax deducting the car partially for work. Paying several thousand dollars interest on a finance plan didn't seem to make sense....BUT there is one reason that I am considering it....Tesla's financial viability. If the unthinkable happens and Tesla folds I could just hand the car back to the lease company in 4 years and wash my hands whereas if I own it outright then it'll be worth nothing...

What do you guys think? I realise the thread is full of people financing but I'm hoping some objectivity in the recommendations.
Click to expand...
If you are buying it in your business with a high amount of business use then leasing or chatel mortgage makes sense (you’ll need the right product for your hand back theory). This is nicely tax effective. If you are buying it personally with little to no business use, then paying cash makes more sense, but rates are so low that its almost irrelevant. As Grenadine said abov, there is no point breaking a good investment if you can borrow for less.
 
#124
djayz said:
Is anyone here financing the car even though they have the cash to buy it outright pretty easily? I'm trying to decide if that is a better strategy to buying it outright. Cashflow is not a problem and I will be tax deducting the car partially for work. Paying several thousand dollars interest on a finance plan didn't seem to make sense....BUT there is one reason that I am considering it....Tesla's financial viability. If the unthinkable happens and Tesla folds I could just hand the car back to the lease company in 4 years and wash my hands whereas if I own it outright then it'll be worth nothing...

What do you guys think? I realise the thread is full of people financing but I'm hoping some objectivity in the recommendations.
Click to expand...
If the comparison rate on the finance is 3.69% (which it probably isn't), then you could get 5.05% in a 12 mth TD with LaTrobe finance - interest paid monthly, calculated daily (1st Mortgage security) which is probably more secure than Tesla if you are worried about that. With the extra return you could use it to insure your vehicle. If you become a Collingwood FC member you can get 5.3% :) Only downside is that the TD is a variable rate and will generally follow the RBA cash rate, however with the last two .25% rate cuts - total .5%, they only reduced the TD rate by .15%.
It's a no brainer, even if Tesla wasn't a risk.
 
#125
It's anyone going with ANZ @3.3%?
I have the Macquarie quote @ 3.9% also...
FYI those going with Macquarie (and I presume pepper) I have been advised they are including the CEFC discount in the 3.9% thus how they're getting such low rates!
Think I'll go with ANZ as I am 75% business use.
 
#129
Hi guys

Does anyone have direct contact details for the "Tesla person" at Macquarie or Peppers? I'm most likely putting an order in this weekend and would like to get some idea of what paperwork they require as getting stuff from my employer sometimes takes a while.

Thanks
 
#131
stedes said:
Hi guys

Does anyone have direct contact details for the "Tesla person" at Macquarie or Peppers? I'm most likely putting an order in this weekend and would like to get some idea of what paperwork they require as getting stuff from my employer sometimes takes a while.

Thanks
Click to expand...
Maquarie dont need a lot. They will send you a form to fill out along with a list. Although I’m self employed, I cant recall any document that would need you to ask your place of employment. Mine was slightly complicated due to the structure of my business, so my accountant had to supply some docs (trust deeds etc).
 
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#134
meowsers said:
Yeah pepper scared me away by not answering my emails, and not calling me back. I was like hmm if it's this bad before they got me to sign on the dotted line, imagine when they are servicing the loan.
Click to expand...

How bad can it be if you’re paying them money. As long as you’ve got an account and a BSB and are making repayments on time, I don’t think you’ll have a lot to deal with them on?
 
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#136
Nuclear Fusion said:
Volkswagen advertising 1.99% on tv for the Amarok
Gives you an idea of room that finance companies can move
Click to expand...

But what's the comparison rate? I remember looking at financing options for a Renault Kangoo on behalf of my work. Interest rate was 4.99% (which was pretty good for 2015), but then when I factored in the ridiculous establishment fees, annual fees and loan servicing fees, and all of a sudden the comparison rate was over 10%. Told em to stick it.
 
#137
Pepper Money are not taking any more loan applications
Was advised by a broker today who was nice enough to be bluntly honest & said that the ANZ 3.29% rate is the best available & I ‘should grab it’ & for most loans it’s standard to have a pro rata payout of the total interest if you break it early. He said if you want less break costs, you will pay a higher interest rate
 
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